Vancouver's Real Estate Market

[4444]

i'd advise all, on both sides of the fence to watch, this guy certainly knows his stuff:

BNN Video Player

[xpl0sive]

^for a guy who "knows his stuff" he sure seems to say "I don't know" a lot. Now I would much rather someone say "I don't know", instead of spewing bullshit, but I really didn't get much info out of that interview.

[Gridlock]

Originally Posted by 4444

i'd advise all, on both sides of the fence to watch, this guy certainly knows his stuff:

BNN Video Player

I'm going to disagree with you there...that guy spoke a lot and said nothing.

[MoBettah]

Originally Posted by xpl0sive

^for a guy who "knows his stuff" he sure seems to say "I don't know" a lot. Now I would much rather someone say "I don't know", instead of spewing bullshit, but I really didn't get much info out of that interview.

Originally Posted by Gridlock

I'm going to disagree with you there...that guy spoke a lot and said nothing.

This guy is Robert Schiller of the Dow Jones Case-Schiller Index.

S&P/Case-Shiller Home Price Indices - S&P Dow Jones Indices
Case?Shiller index - Wikipedia, the free encyclopedia

There are uncertainties in investments, and anyone who is CERTAIN about the future of an equity is either an idiot or trying to sell you something. Every investment has risk, and understanding that the outcome may not be the most probable one is something that separates the pros from the masses.

An expert of Schiller's level saying "I don't know" is a sign of true knowledge. Spouting off about bubble this and bull market that as if they were set in stone is for amateurs.

[Gridlock]

Seriously? That's what it takes to impress you?

Not to go on a tangent here, but Mr. Yale, why don't you discuss a little bit on the fundamentals of income vs. price or a little something that people don't know about real estate.

I agree with you. I don't need another dick head to sit there and make his branded predictions. That helps no one, but you can go a little further into it. Jesus, the best part was talking about the commercial landlord guy that wasn't even on the show. Double. Nice.

[Carl Johnson]

Originally Posted by Gridlock

Seriously? That's what it takes to impress you?

Not to go on a tangent here, but Mr. Yale, why don't you discuss a little bit on the fundamentals of income vs. price or a little something that people don't know about real estate.

I agree with you. I don't need another dick head to sit there and make his branded predictions. That helps no one, but you can go a little further into it. Jesus, the best part was talking about the commercial landlord guy that wasn't even on the show. Double. Nice.

I guess Shiller knowing he is on BNN didn't try to go into fundamental data as most viewers on that show are probably already aware of it. He is just saying be very cautious if you are going to buy a house in vanouver or toronto as with any investment real estate market goes through cycles.

We pretty much went on a 10 year bull market since 03, so it shouldn't surprise people if we have a 3-4s year of price decline. The irrational exuberance will eventually wear off but it is difficult to call a top.

Just look at the stock market. Who did the most buying at the peak in 2006? Your typical retailer investors of course. Then like clockwork they puked all of it out at March 2009 bottom. The cycle always repeat itself. People buy at the top, sell at the bottom. If it doesn't work like that I don't know how am I going to make a living.

[4444]

We know Schiller knows his stuff, and as was mentioned, anyone who says anything with certainty is a liar, and idiot, and a fool. he was warning of the risks and rebuking some claims of "Toronto single family housing doubling in 10 years" which are just absolutely crazy

[Gridlock]

Vancouver economy to slow down: Conference Board | News1130

VANCOUVER (NEWS1130) – Vancouver’s economy is expected to moderate this year, according to a forecast from the Conference Board of Canada. It predicts local gross domestic product will rise by 2.2 per cent this year, down 4/10ths of a point from last year.

The think-tank says “The slowdown will be widespread, as growth in the goods sector will be very tame, mainly because of much slower growth in manufacturing and construction activity.” It adds that slower growth will also affect employment.

The board also says growth in the service sector will be “relatively modest, dragged down by an anticipated contraction” in public sector administration.

Nonetheless, Vancouver is expected to have the fifth-best growth behind Saskatoon, Regina, Edmonton and Calgary.

[4444]

Originally Posted by Gridlock

I'm going to disagree with you there...that guy spoke a lot and said nothing.

I assume you made that comment without realizing that this isn't just 'some guy'

I agree, if I take his words, it would be meaningless... But that wasn't me

[4444]

Originally Posted by Gridlock

Vancouver economy to slow down: Conference Board | News1130

VANCOUVER (NEWS1130) – Vancouver’s economy is expected to moderate this year, according to a forecast from the Conference Board of Canada. It predicts local gross domestic product will rise by 2.2 per cent this year, down 4/10ths of a point from last year.

The think-tank says “The slowdown will be widespread, as growth in the goods sector will be very tame, mainly because of much slower growth in manufacturing and construction activity.” It adds that slower growth will also affect employment.

The board also says growth in the service sector will be “relatively modest, dragged down by an anticipated contraction” in public sector administration.

Nonetheless, Vancouver is expected to have the fifth-best growth behind Saskatoon, Regina, Edmonton and Calgary.

Economy stinks here. Think tanks can say what they want, but in the end of the day, CA Firms are laying off people due to lack of work, good jobs are nonexistent.

Government spending will be the only thing that keeps us out of a recession

[sonick]

More from Shiller Robert Shiller: Canada heading into slow-motion housing bust | Financial Post

[Gridlock]

I never once thought that "the" crisis was going to be, or would be "the" at all. We are heading into a tumultuous period of economic change. If recessions can be thought to be a normal part of the economic system, then so to can corrections.

You'll see improvement and decline for a lot longer than people cared to admit in 2008/09. Am I predicting economic collapse? No. Not at all.

My problem is no one tried to solve the actual problems, they tried to firefight them and re-inflate the bubble. We did one better in Canada and tried to, what was it, soft land the bubble? Banks are actually bigger than before, hello JP MorganChase, I'm talking about you. They are right back to the same old games...and its hard! When the games are working, its fucking great! Here's a big phat house, now at a bargain compared to a few years ago, at a cheaper mortgage than ever before! We're rolling in profits, and apparently that trickles down somewhere, so its all good.

No jail, minimal fines and evryone that survived got to buy their competition for half the price.

Even worse is Canada motoring along like it doesn't matter. If you can't see at this point that we have a condo problem, then you are blind.

So to relate all this in, both discussion of the economy AND the interview,you'll forgive me if I don't care who this guy is, because on this day, he really had nothing to say. Yes, I will grant you that someone with his credentials saying, "I don't know what happens" is bigger than me saying "I don't know what happens".

That's fine. We don't need more jackoffs on tv making predictions. Can find them anywhere. I need these guys yelling from the roof tops about what HAS happened. Because no one gets it. No one understands where we've been and what has happened to get us there.

[Gridlock]

Originally Posted by sonick

More from Shiller Robert Shiller: Canada heading into slow-motion housing bust | Financial Post

That's better!

Key paragraph right here:

The latest report by the Canadian Real Estate Association reported that average home prices were up 4% in August, sales were down 5.8%. Meanwhile, the country’s unemployment rate stood at 7.3%.

People are spending more to buy less houses at a time when they could be unemployed.

People are too fucking house horny. I saw every dream house in my neighborhood go on sale this summer. I get it! You walk by and you say, "this is the type of house that NEVER goes on sale..now is the time!" Seriously, every single one.

[LiquidTurbo]

Vancouver's $55-million condo the biggest residential real estate deal in Canadian history - YouTube

[4444]

"I didn't sleep for 45 days"

Typical realtor, lying through his teeth (I know he was exaggerating)

Also, good work global bc, because this is truly 'news' - it was probably their leading story - fuck the chemical weapons in Syria, fuck the hostage situation in Africa.... High price real estate, that's news!!!

(Sarcasm, if it didn't come across)

[Gridlock]

I used to like Global. We used to watch the 11 o'clock news regularly, realizing that it wasn't particularly hard hitting, but actually liking the lighter flavour.

However, they are NEVER hard hitting. Their stories are blatantly one sided, and I started noticing it whenever the issue of landlord/tenant stuff came up. Like...you're just wrong. And if you are just wrong here, then you are just wrong in a lot of places.

And they are doing a disservice to news in BC. We are down to a two-party system, which may as well be a one party system right now if we need to rely on the NDP for anything...we need quality news!

[dinosaur]

Originally Posted by Gridlock

And they are doing a disservice to news in BC. We are down to a two-party system, which may as well be a one party system right now if we need to rely on the NDP for anything...we need quality news!

Dude, its not like Global is the ONLY news outlet....you can watch CTV, CBC, the 24 hour news channel, any number of american news outlets, msnbc, cnn, etc...

On top of that, you can go online and read anything about anything.

I like global because its light, funny, anti-doomsday, and visually pleasing...just don't take it as the only source of news. If people do, that is their own fault.

[Gridlock]

I like doomsday style news. It makes me feel happy I survived another day on this wretched rock, right before I go nighty-night.

[Presto]

Looks like people forgot to do their research that if you move near a train track, then there's going to be trains. Good luck unloading those properties, now that media attention has been brought to that issue.


All three levels of government expected to respond to complaints about noise levels | News1130

NEW WESTMINSTER (NEWS1130) – People in New West are fed up with noise being caused by the city’s many rail lines, now they’re taking steps to do something about it.

Train noise is causing a number of complaints from residents and now all three levels of government are responding.

The city has a number of rail lines close to residential areas including Westminster Quay.

Local MP Peter Julian is hosting the town hall Thursday evening and says people have a right to be upset.

“We’re seeing a lot of shunting and idling even at 2 o’clock or 3 o’clock in the morning when you’ve got thousands of people living within a few hundred metres of the actual yard itself.”

The event aims to develop a strategy with all three levels of government.

He admits nothing else has worked so far.

“It doesn’t make sense the railways aren’t willing to cooperate and modify their activities but unfortunately, the railways have not been cooperative.”

New Westminster councillor Chuck Puchmayr says some concerns have been simmering for a while.

“For quite a few years, there has been a growing concern about whistling and whistle cessation is one of the things that we’re diligently working on as a city with the railways.”

He says most rules governing railways including noise restrictions happen at a federal level which is why it’s important for all levels to unite.

[dinosaur]

^
This shit pisses me off. We live in the "Brow of The Hill" neighbourhood of New West, so really not that far from these train tracks and I can tell you that they are some times loud....because there are trains on train tracks! Funny how that works.

These condos are literally on top of these track. In fact, you need to cross one of two bridges to get OVER the train tracks to the Quayside area (where all these tracks are). What the fuck did these people expect?! This area is literally a small sliver of land between, like, 6 train tracks and the Fraser River....where we can hear nightly ship horns (wait for these complaints to start). It should not have been a surprise.

These people can suck a dick.



Look at the view from almost every window...its not like these things were hidden when people bought: V1020471, # 10 1 RENAISSANCE SQ, New Westminster, British Columbia $ V3M0B6

[Iceman-19]

540k, lol. u wot m8?

[dinosaur]

Originally Posted by Iceman-19

540k, lol. u wot m8?

with a $414 strata fee

[Iceman-19]

Thats to keep the trains blowing their horns at night.

[4444]

Concord Pacific unveils plans for new False Creek neighbourhood | Real Estate and Development | Business in Vancouver!

yay, loads more condos in vancouver!!! just what we need.

oh, my bad, we need jobs, not construction jobs, but actual jobs for the people who will buy these apartments to work in.

this city is a joke

[Gridlock]

This is annoying, but I'll get you to the crux of the problem. From that article,

The city has a number of rail lines close to residential areas including Westminster Quay.

No. NO.

What you have is a number of residential buildings next to rail lines.

Small, yet vital difference. If I move into a place that's next to a rail line, expect that kittens aren't going to lick the trains together.

I'd like to see some type of mutual agreement to bring them back into harmony, and I think it should be funded by residents of that area.

But guaranteed, it will be "I paid 600,000 with a peek a boo view...my mortgage is too damn high" and put it on everyone else to solve their problem so that they have a nice pad, with killer water views and no train noise.